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Markets News

EARNINGS POLL-Polish refiner PKN Q3 net profit seen 55% down y/y

    * Q3 results to be released Oct.29 before market opens
    * Net profit seen falling by 55% y/y to 566 mln zlotys

    WARSAW, Oct 28 (Reuters) - Poland's biggest oil refiner PKN
Orlen          is expected to report a 55% fall in its
third-quarter net profit due to falling demand as a result of
the coronavirus pandemic, a Reuters poll showed on Friday.
    State-run PKN is seen posting a net profit of 566 million
zlotys ($146.09 million), the survey among seven banks and
brokerages showed. 
    That would put PKN's net profit for the first three quarters
of the year at 2.29 billion zlotys. 
    
    The following table summarises forecasts for PKN
Orlen (figures in millions of zlotys unless stated otherwise):

THIRD QUARTER OF 2020
              Net profit   EBITDA LIFO   EBITDA    Sales
 Average         566        1,810         2,036    23,822
 Median          535        1,749         2,002    24,167
 Lowest          491        1,724         1,800    21,470
 Highest         821        2,056         2,344    25,154
 No. of            7            6             8         5
 forecasts      
 Q3 2019        1,266        3,167        2,700    29,229
 Q2 2020        3,970        5,693        5,227    17,010
    
Forecasts provided by: Santander BM, Trigon DM, DM mBank, Pekao
IB, Ipopema Securities, Bank of America, Erste Securities.

($1 = 3.8743 zlotys)

 (Reporting by Agnieszka Barteczko; Editing by Simon
Cameron-Moore)
  
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